Guide to start an all-in-one shop at the same price
Stores that sell products where the price is the same or around the same and that also contain a high variety of products, is known as the retail market. This type of stores offer a great profitability, because it gives the client the possibility of offering a wide and extensive range of products among which we can find: toys, kitchen utensils, personal and household cleaning items, cosmetics, clothing, personal care items, accessories for women, dishes, gifts, stationery, curiosities, items for pets, items for hardware, trimmings, plumbing, among many others.
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It is very likely that you have seen in your region or area, this type of stores and perhaps, you will always notice that it does not remain empty. This is because due to the large supply of products, consumers can respond to their demands and better still, at too low a price.
The role of the entrepreneur
If you definitely decide to set up this type of business, you must know all the information you will find here, because with a series of steps you will be able to build a guide that will be very useful, as well as knowing the general sector you are facing with this type of trade.
As an entrepreneur, you should know that this type of business offers you several advantages, which later represent productivity and performance, which is what entrepreneurs are looking for. One of the benefits you get is that you don’t need to have experience with this sector and you may even start it without having any studies in this area. The business model is extremely flexible and does not involve the fulfilment of strict conditions in order to start operating, however, like any business, it requires a licence and permission to operate in accordance with the regulations of the authorities in charge.
Aspects to take into account in Shop for everything at the same price
Here are a few things to consider when starting your own business in this type of market, step by step:
The product you offer: You can choose from a wide variety of products, which are going to offer, because in addition to being varied, have the ability to meet almost any need, since the elements ranging from keys and watches, to socks, screws and dishes. The products are of first necessity, constituting a section of articles that we use in different stages every day.
The profile of the customers: Given the variety of products at economic and affordable prices, the customer profile is recognized as an open section in which it is possible to find housewives, workers, students, young children, among others, because it is aimed at general consumers of all areas, as one of the needs is to obtain the product they are looking for at a comfortable and fast cost. This leads us to think that we must, whenever possible, continue to increase the supply of products, to respond to the entire demand of the public where it is located.
Competition: As a retail and general sector, you face several types of competition in the market, among which we find the following:
Same type of stores: Given the profitability of this type of business, it is likely that you will encounter competition that works under the same business model as you.
Small markets: These are another series of businesses whose offer is reduced and in addition, the quality of their products is inferior, however, the prices are extremely low, which represents a factor of competition for you.
Supermarkets: These businesses are also competition for you, since they offer similar items to those you offer. This is also where the large chain stores come in.
Developing a sales plan: This is an extremely essential step when starting a new business, as it allows us to plan a series of strategies that aim to attract customers’ attention. In itself, this type of business has the capacity to steal attention due to the large number of items it has, as it invites the public to browse first. However, we must plan strategies that will allow more consumers to enter and carry the products. In order to propose the techniques, keep in mind the following:
This point also focuses on location, since you must look for a place that has an image and visibility, this to capture the attention of the general public.
The amount of products you handle and their variety, should not represent disorder. Given the amount of sizes and items you offer, you must locate them so that they do not impede the passage of customers, in addition to positioning them to be visible. This point is capable of increasing sales opportunities.
You must be selective with your staff. This means that in addition to focusing on sales skills, you need to ensure that staff know the store and are friendly and helpful to customers. This factor allows you to know the customer’s needs and provide them with a pleasant place where they enjoy shopping.
Promotions and offers are a strength for business. In this case, it will be necessary to do them during different stages of the year, since it means the arrival of many more customers to the store.
Advertising is key and this must always be remembered, as many businesses stop advertising because they get used to the usual clientele. Clearly it is necessary to maintain it, but to open the opportunity to that more people enter. You can help with advertising campaigns, ads, flyers, social networks, etc.
The location: Besides having visibility, it is necessary that you occupy a place that enjoys a high traffic of passers-by, mainly and vehicles. Look for commercial and central sectors, which respond to this point. As for the conditions of the place, you must take into account that there are many products, which means that the space must be considerably wide, but be careful, you are starting and the best thing is that you do not choose the biggest place, but it allows you to show the first products that you are going to commercialize comfortably. It is necessary to emphasize, that initiating, you do not have to make great orders on products, that is to say; you do not exceed. It will be necessary that you try and investigate. To this extent, it is also advisable to investigate the market and the sector where you plan to set up the business, as this will determine whether it could be profitable or not.
Requirements to start an all-inclusive store at the same price
You must have a living space to offer the different products available at the same price, you can start with a rented space in a shopping center that will help you to attract customers for the business more quickly.
Another requirement is to look for different suppliers that can offer a good static wholesale price, in order to offer a variety of products at the same price, capturing customers interested in the offer promoted by the business.
Have the proper permits to work properly without having problems with regulators in your local jurisdiction, to avoid the consequences of lack of registration or vital diligence that prevents the movement of the same.
Advantages of having a one-stop shop
Due to the offer of having all kinds of products at a standardized price, you can perceive a lot of customers, who look for this type of offers, attending to their economy in the process of acquiring tools, objects and gifts at an even more accessible price than in other shops.
Another advantage is to be able to supply the business with an extremely varied inventory that will satisfy the needs of potential clients who seek this type of offer, providing benefits in terms of service and availability of a wide variety of products for everyday use.
Problems that may arise
You may have problems with the reputation of your business, because some items offered may be of lower quality to match the overall price of the products and to meet the demand of always having everything available at the same price.
Getting suppliers whose wholesale prices fit your business strategy can be a challenge, posing a problem in maintaining the supply promoted by the business.
Success stories of All-In-One-Price Store
MGI stores are very successful in this sector, because all their articles are between 10 and 20 euros in price. With a diversity of solutions for the home that the family needs, in toys, clothes, appliances, shelves and bathroom accessories, among others.
Another successful store in this sector is Todo Fácil, which also offers a variety of very economical solutions in furniture, decoration, rest, lighting, tidying, terrace and garden, bathrooms, kitchen, among others.